DBRS Comments on CSMART VFN Trust Acquisition of Co-ownership Interest in GMAC Canada Floorplan Receivables

DBRS has today noted that an additional co-ownership interest in a portfolio of dealer floorplan receivables (the Floorplan Receivables) originated by General Motors Acceptance Corporation of Canada, Limited (GMAC Canada) was acquired by CSMART VFN Trust on May 28, 2010. The CSMART VFN Trust co-ownership interest and the Canadian SWIFT Master Auto Receivables Trust co-ownership interest share a pari passu claim on the Floorplan Receivables.

DBRS notes at this time that there is no impact on the AAA rating assigned to the Canadian SWIFT Master Auto Receivables Trust’s Floating-Rate Floorplan Receivables-Backed Notes, Series 2010-1 issued on March 25, 2010, which are backed by the Floorplan Receivables.

Notes:
The applicable methodology is Canadian Wholesale Floorplan Methodology, which can be found on our website under Methodologies.

This is a Structured Finance rating.